THREE WAYS SMES CAN TAP INTO THE INTERNATIONAL E-COMMERCE MARKET

E-commerce is here to stay, as shopping from home becomes the new normal in the COVID-19 pandemic.

- AUDREY CHEONG

According to the Global Ecommerce Update 2021 by eMarketer, Retail e-commerce sales grew by 27.6% in 2020 globally, with sellers going global with their brands on platforms like eBay. But what does it take to be a successful SME retailer in an increasingly competitive space?

Take Southeast Asia for instance. The SME community is poised to power growth and drive economic recovery. More than 9,000 Malaysian and Singaporean businesses are listed on eBay, and 77% of them sell to customers outside of their geographical boundaries. The top Malaysian sellers generate approximately $34 million in annual Gross Merchandise Value (GMV).

There is no better time for businesses to maximize on e-commerce and internationalize. In Singapore alone, the COVID-19 crisis has caused a shift in consumer behaviour – spurring the digital economy to earn an additional US$500 million annually, while some businesses saw up to three times their normal growth.

Here are some tips and tricks prepared in collaboration with eBay for SMEs to develop their offerings and capabilities to thrive in the global e-commerce market.

LOWERING COSTS TO ATTRACT CUSTOMERS

With tens of thousands of sellers establishing an online presence on platforms like eBay, there is a need for differentiation. Adopting competitive pricing can drive-up volume in sales, but that does not necessarily mean absorbing costs.

Partaking in the eBay Business Seller Program renders sellers eligible for preferential shipping rates that are discounted from partners for international shipping. Sellers are also eligible to get exclusive incentives like deals, campaigns, and listing assistance – all of which are critical factors in cost savings.